Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
Zambia has restored full electricity supply to the mines of First Quantum Minerals , the ministries of finance and energy said on Saturday, after reducing power to the mines earlier this week in a dispute over new, higher prices.
Zambia’s state power company reduced electricity supply to two First Quantum copper mines because the mining firm had failed to pay the new flat electricity tariff of 9 cents/Kwh agreed by the utility Zesco and mining companies, Energy Minister David Mabumba said on Tuesday.
But after talks with the mining firm, it was resolved that First Quantum will be deemed to have migrated to the new tariff structure with effect from January this year, Mabumba said in a joint statement with Finance Minister Felix Mutati.
“The Government, through Zesco, will put in place measures to ensure continuous, stable and full supply of power to FQM Operated Mines, including importation of power from alternative suppliers,” the statement said.
(Reporting by Chris Mfula; Writing by TJ Strydom; Editing by Toby Chopra)
